Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi.
“There is no intention,” Khalid al-Falih told Russia’s TASS news agency when asked whether there could be a repeat of the oil embargo. Top U.S. lawmakers turned their ire on Saudi Crown Prince Mohammed bin Salman on Sunday and said they believed he ordered the killing of Khashoggi, although the administration of U.S. President Donald Trump maintained a more cautious stance.
Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia in recent days while the kingdom, the world’s largest oil exporter, has pledged to retaliate against any sanctions with “bigger measures”. He however said that if oil prices went up, it would slow the global economy and trigger a recession.
In a column published last week, Saudi-owned Al Arabiya channel’s General Manager Turki Aldakhil warned that imposing sanctions on Riyadh could spark global economic disaster as oil could jump to $200 per barrel.